Page 83 - Nirmala Sitharaman

No proposal to extend deadline for exchange of Rs 2,000 notes: FinMin

The finance ministry on Monday said there is no proposal to extend the deadline for the exchange of Rs 2,000 notes beyond September 30, 2023. In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary replied in negative to a question about whether there is a proposal to extend the deadline for the exchange of Rs 2000 in banks beyond September 30. "At present, this matter is not under consideration," the minister said. Chaudhary also replied in negative to another question about whether the government is planning to demonetise other high-denomination currency notes to eliminate black money. The Reserve Bank, in a surprise move, on May 19 announced withdrawal of Rs 2,000 notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. According to the RBI, as much as 76 per cent of the Rs 2,000 currency notes in circulation have either been deposited or exchanged at banks. In value terms, Rs

Sitharaman's Move: The End of Ruthless Loan Recovery?

Union finance minister Nirmala Sitharaman on July 24 told Parliament that the government has instructed all banks, both public and private, to not take harsh steps when it comes to processing of loan

74 mn ITRs filed in FY'23, over 51.6 mn declared zero tax liability: FM

Number of entities, including individuals, who filed income tax returns increased by 6.18 per cent in 2022-23 to over 7.40 crore, of which about 5.16 crore declared zero tax liability, Finance Minister Nirmala Sitharaman said on Monday. "There has been a 6.18 per cent increase in the number of persons filing Income Tax Returns in F.Y. 2022-23 as compared to persons in F.Y. 2021-22," she said in the Lok Sabha. India's gross direct tax collection grew 20.33 per cent to over Rs 19.68 lakh crore in 2022-23 fiscal. As per the return filing data shared by Sitharaman, the number of persons who filed income tax returns during the last four years has shown an increase. Over 7.40 crore ITRs were filed in 2022-23, of which over 5.16 crore had zero tax liability. Similarly, for 2021-22 fiscal, over 6.94 crore ITRs were filed, of which over 5.05 crore had zero tax liability. Over 6.72 crore and 6.47 crore ITRs were filed in 2020-21 and 2019-20 fiscal years. Of this, over 4.84 crore and 2.90

Govt told banks not to take harsh action against borrowers for loans: FM

Union Finance Minister Nirmala Sitharaman on Monday said both public and private banks have been instructed that harsh steps should not be taken when it comes to the process of loan repayment and that they should handle such cases with sensitivity. Sitharaman said this while making an intervention during the Question Hour in the Lok Sabha on a question related to repayment of loans taken by small borrowers. "I have heard complaints about how mercilessly loan repayments have been followed up by some banks. The government has instructed all banks, both public and private, that harsh steps should not be taken when it comes to the process of loan repayment and they should approach the matter with humanity and sensitivity in mind," she said.

Indian will maintain its growth momentum despite inflationary pressures: FM

The FM asked CBIC officials to ensure that they focus on stopping smuggling

All must make efforts to bring Manipur out of present crisis: Sitharaman

Manipur must come out of the present crisis and all must make efforts to restore peace in the state, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said here on Friday. The incident of women being disrobed and paraded is a serious and sensitive issue. The state is passing through a difficult phase and all communities are suffering there, the minister said on the sidelines of a programme. Manipur is a beautiful state and it has to come out of the crisis and honestly, all of us will have to make efforts to bring back peace to the state, she said. This kind of incident hurts each one of us and there is no word with which we can explain or address the issue, she said. The perpetrators will have to be caught and some arrests have already been made yesterday, the minister said. I am sure all efforts will be made to punish the perpetrators, she said. Prime Minister Narendra Modi had said before the commencement of the Monsoon Session of Parliament on Thursday on how

GST collection, devolution a success story in NE states: FM Sitharaman

The North Eastern states have scripted a success story in the collection and devolution of the Goods and Services Tax (GST), Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said here on Friday. According to the 2023 RBI report on state finances, the eight NE states have registered a compounded annual GST hike of 27.5 per cent, she said. Sitharaman was speaking at the Investiture Ceremony for conferring the Presidential Award for Specially Distinguished Record of Service' to officers and staff of the Central Board of Indirect Taxes and Customs (CBIC). Assam was the first state to ratify the GST Act, four days after it was passed and since then there has been a 12 times increase in the collection of taxes, the minister said. Assam's sales tax collection prior to the implementation of the GST was Rs 558.26 crore but this has increased manifold to Rs 7,097 crore. Sikkim and Meghalaya too have registered a significant achievement with the former's collection increas

FM Nirmala Sitharaman on two-day visit to Assam, Tripura from Friday

Union Finance Minister Nirmala Sitharaman will embark on a two-day visit to Assam and Tripura from Friday, an official release said. She will participate in an investiture ceremony for conferring Presidential Awards for Specially Distinguished Record of Service to officers and staff of the Central Board of Indirect Taxes and Customs (CBIC) in Guwahati. The Presidential Award of Appreciation Certificate, which was announced on this year's Republic Day, will be awarded to 29 officers and staff of CBIC. They were selected on the basis of their exemplary performance in their respective field of service over the years. The awardees selected this year include officers from all cadres of the service, who have consistently performed with distinction in their various assignments, including prevention of smuggling, detection of tax evasion, detection of trade-based money laundering and foreign exchange violations, besides contributions in tax policy formulation, revenue mobilisation, automat

G20: US talks higher private investment to spur India's energy shift

Yellen backs reforms to multilateral development banks

G20: Int'l efforts needed to deal with energy insecurity, says Sitharaman

Finance Minister Nirmala Sitharaman on Monday made a strong case for coordinated international efforts to navigate the challenges relating to food, energy insecurity and climate change. In her opening remarks at the two-day meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) here, Sitharaman said the global economic growth is below its long-term average and remains uneven. "... We need ... coordinated international efforts to navigate this challenging period. In this context, the G20 framework Working Group explored the issue of tackling macroeconomic challenges related to food and energy insecurity, and those related to climate change and transition pathways. "The policy lessons that have emerged from these issues clearly underpin the need for enhanced international economic cooperation," the minister said. Quoting Mahatma Gandhi, Sitharaman said "the future depends on what we do in the present." "This statement powerfully conveys the responsibility we have as fin

G20 meet: India, US to explore alternate mechanism to fund renewable energy

India and the US on Monday committed to further improving bilateral ties, exploring alternate mechanisms for funding renewable energy and actively pursuing the G20 agenda which includes strengthening MDBs and taking coordinated action to deal with climate change. Several issues, including climate action, rising indebtedness in low and middle income countries and digital public infrastructure, figured during a bilateral meeting between Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen held on the sidelines of the G20 meeting of Finance Ministers and Central Bank Governors. India, Sitharaman said, will "look forward to furthering ... bilateral interests through development cooperation and new investment opportunities through Alternate Investment platforms for renewable energy." Yellen too in her statement said the US will "look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed .

India, US to boost ties, look for alternatives to fund energy transition

India and the US on Monday committed to strengthening bilateral ties and actively pursue the G20 agenda, which includes taking coordinated action to deal with climate change and look forward to alternate mechanisms to fund energy transition. Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen held bilateral meetings on the sidelines of the G20 finance ministers and central bank governors meeting here. Sitharaman, in her statement, expressed commitment to strengthening bilateral ties and looked forward to new investment opportunities through alternate investment platforms for renewable energy. The US and India's collaboration spans across a range of economic issues, including commercial and technological collaboration, strengthening supply chains, and catalysing the clean energy transition, Yellen said. "In particular, we look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed ..

India and Indonesia plan local currency trade, fast payments links

The proposed agreements with Indonesia comes as India inked similar pacts with the United Arab Emirates over the weekend, which will see more trades done in rupees and dirhams

Top headlines: Ola advances plan for IPO, Govt's FDI push in space sector

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G20 FMCBG: Sitharaman for attracting pvt investment to develop urban infra

Debt relief framework: China a stumbling block

Sitharaman for strengthening global architecture to combat financial crimes

Finance Minister Nirmala Sitharaman on Sunday made a case for further strengthening of global architecture to combat financial crimes, money laundering and sharing of information about different asset classes including crypto currencies. Addressing a 'G20 High-Level Tax Symposium on Combating Tax Evasion, Corruption and Money Laundering', the minister exuded confidence that G20 will continue to assist the jurisdictions in enhancing their law enforcement capacity. Under the G20 Presidency, Sitharaman said, India has taken the lead for building capacity in tax and financial crime investigation in the South Asian region in collaboration with OECD. India has decided to launch a pilot on tax and financial crime investigation in collaboration with OECD for the South Asian Region beginning at the Regional Campus of National Academy of Direct Taxes in New Delhi on July 18. Observing that G20 has helped spearhead a number of reforms to the global tax, anti-corruption and anti-money launderi

FM Sitharaman stresses on attracting pvt investment to develop urban infra

Finance Minister Nirmala Sitharaman on Sunday underlined the need for embracing innovative strategies to attract private investment, bridge financing gaps and foster sustainable development of infrastructure in cities. Addressing the 'G20 Infrastructure Investment Dialogue', the minister said that the situation with regard to financing infrastructure has become even more challenging in the wake of monetary policy tightening in key markets. The tight monetary policy leads to the hardening of interest rates and the burgeoning debt repayment burden. Against this backdrop, she said, "Innovative financing and funding mechanisms for cities could have significant potential to fill the increasing (funding) gaps. "It can complement the pool of funds available for infrastructure in addition to public investment and financing provided by Multilateral Development Banks (MDBs), she added. "We need alternate solutions to leverage private sector participation in this context. Innovative financin

FM suggests AIIB to use innovative financing ways to address infra needs

Finance minister Nirmala Sitharaman on Sunday suggested the Asian Infrastructure Investment Bank (AIIB) to use innovative financing ways to better address infrastructure needs of member countries. Sitharaman met Jin Liqun, President, AIIB, in Gandhinagar on the sidelines of the 3rd G20 Finance Ministers and Central Bank Governors #G20FMCBG meeting and discussed the role of #MDBs, including @AIIB_Official in addressing the current global developmental challenges. "While discussing issues of relevance to India and @AIIB_Official, FM Smt. @nsitharaman suggested that @AIIB_Official should further use innovative financing and financing instruments so as to better address the #infrastructure requirements of member countries," the finance ministry tweeted. While appreciating AIIB's support for #G20India Presidency, the minister highlighted the need for #MDB reforms and the importance of coordination and collaboration among #MDBs. "Being the Governor of second largest shareholder of ...

FM Sitharaman discusses trade negotiation progress with Canadian Dy PM

Finance Minister Nirmala Sitharaman and Canadian Deputy Prime Minister Chrystia Freeland on Sunday discussed the progress being made on ongoing bilateral trade negotiations. The two ministers met on the sidelines of the 3rd Finance Ministers and central bank governors meeting in Gandhinagar, Gujarat. Freeland, who is also the finance minister of Canada, said Canadian Pension Funds would be keen to explore investing in Indian Infrastructure Funds as India offers a stable investment climate. "The two ministers also discussed the progress being made on the ongoing various trade-related negotiations between India and Canada," the Indian finance ministry tweeted. The ministers discussed continued constructive participation in building consensus on the G20 Finance Track work streams, it added.

BJP rule marked by Seva, inclusion, MSME growth: FM Nirmala Sitharaman

The NDA government at the Centre has provided excellent governance with zero corruption and efficient use of money in the last nine years, Union Finance Minister Nirmala Sitharaman said on Friday. Addressing an intellectuals' meet organised by the district unit of BJP in Udupi, she said the BJP rule was marked by Seva, inclusion and improvement of Micro, Small and Medium Enterprises (MSMEs). The reforms brought in by Prime Minister Narendra Modi-led union government in the financial sector has helped the ease of doing business, particularly in the small and medium sector in the country, she noted. She further said the Modi government has accorded priority to the growth of MSMEs by removing archaic laws and compliance burden. As many as 1,500 archaic laws and 39,000 compliances have been completely removed which rules out the possibility of them becoming instruments of corruption. The elements of the Companies Act which were troubling people have been decriminalised to help the ...